The Crash of 2008 and What It Means: The New Paradigm for Financial Markets

The Crash of 2008 and What It Means: The New Paradigm for Financial Markets

The Crash of 2008 and What It Means: The New Paradigm for Financial Markets

The Crash of 2008 and What It Means: The New Paradigm for Financial Markets

Synopsis

In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. 'This is the worst financial crisis since the 1930s,' writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.

Excerpt

This book puts forward a conceptual framework for understanding human affairs in general and financial markets in particular. I have been working on it all my life but it is only now that the framework has gained some recognition because not only did it explain the Crash of 2008 but more or less predicted how it would happen. I say “more or less” because when I said that “we are in the midst of the worst financial crisis since the 1930s,” I did not anticipate that as a consequence of Lehman Brother’s bankruptcy on September 15, 2008, the financial system would actually break down. Most of this book was written at the end of 2007 and the beginning of 2008. It was first published as an electronic book and then as a hardcover later in the spring. That version is reproduced here in its original form with only a few clarifications and improvements which are printed in italics. I am doing this to preserve the historical accuracy of the text. I have also added an additional section, Part Three: The Crash of 2008 and What it Means, intended to bring the book and my argument up to date.

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